Microeconomics trivia

75 Microeconomics trivia questions, no sign-in. Review your misses in the LoreUp app.

• What is it called when more people want to buy something simply because many others are buying it?Supply, demand and price
• Which change shifts the supply curve itself to the right?Supply, demand and price
• What kind of good sees its demand rise by more than 10% when income rises by 10%?Supply, demand and price
• If each price rises by the same 10%, which product's sales are likely to fall the most?Supply, demand and price
• Raising fares when riders crowd in, as on a rainy evening commute, and lowering them when things are quiet: what is this strategy of changing prices constantly with demand called?Supply, demand and price
• When people say a seller 'can name their price', they mean goods are piling up and buyers can set the price as they like.Supply, demand and price
• A shop that marks its prices in advance and sells only at those prices is following a fixed-price, no-haggling policy.Supply, demand and price
• By convention, supply-and-demand graphs put price on the horizontal axis and quantity on the vertical axis.Supply, demand and price
• When chicken gets pricier and people buy less of it, the demand curve for chicken itself has shifted to the left.Supply, demand and price
• For a good with inelastic demand, raising the price increases sales revenue.Supply, demand and price
• The Engel coefficient, the share of household spending that goes on food, is higher the better off a household is.Supply, demand and price
• In economics, 'demand' means a desire to buy that is backed by the money to pay for it.Supply, demand and price
• Because harvests swing with the weather, the prices of farm produce tend to fluctuate a lot.Supply, demand and price
• If the price of flour rises sharply, bakeries that make bread from flour will supply more bread.Supply, demand and price
• Pricing something at $9.99 rather than $10 is a strategy meant to make it feel cheaper than it really is.Supply, demand and price
• Which is the clearest example of a public good?Market failure and asymmetry
• The price set at the point where quantity demanded equals quantity supplied is called the equilibrium price.Supply, demand and price
• What do we call the price set at the point where quantity demanded equals quantity supplied?Supply, demand and price
• What do we call the side of a market that wants to buy?Supply, demand and price
• What do we call a situation in which leaving things to the market does not allocate resources efficiently?Market failure and asymmetry
• What do we call the property whereby people who paid nothing are hard to keep from using something?Market failure and asymmetry
• A luxury good is the classic example of a Giffen good.Supply, demand and price
• Monopoly is the market form most favorable to consumers.Market structure and competition
• Left to the market, resources are divided up properly, so there is no reason for government to step in.Market failure and asymmetry
• What do we call goods that are worth more when used together, such as a printer and its ink?Supply, demand and price
• What appears in a market when the price is below equilibrium?Supply, demand and price
• With demand unchanged, what generally happens to the price when supply rises?Supply, demand and price
• By the law of supply, what happens to the quantity sellers offer when the price rises?Supply, demand and price
• With supply unchanged, what generally happens to the price when demand rises?Supply, demand and price
• What do we call the state of wanting many things while resources are limited?Supply, demand and price
• What does it mean for the price elasticity of demand to be high?Supply, demand and price
• What do we call goods that can be used in place of one another, such as cola and lemon-lime soda?Supply, demand and price
• Goods that can be used in place of one another, so that demand for lemon-lime soda rises when the price of cola goes up, are called substitutes.Supply, demand and price
• When the price is below equilibrium, goods pile up unsold in excess supply.Supply, demand and price
• Goods that are worth more when used together, such as a printer and its ink, are called complements.Supply, demand and price
• A market price is formed by the interaction of demand and supply.Supply, demand and price
• By the law of demand, the higher the price goes, the more of the good people want to buy.Supply, demand and price
• By the law of supply, the higher the price goes, the more sellers want to sell.Supply, demand and price
• The state of wanting many things while resources are limited is called scarcity.Supply, demand and price
• With supply unchanged, a rise in demand usually pushes the price down.Supply, demand and price
• Which market form has many firms competing while selling slightly different products?Market structure and competition
• What do we call, collectively, the factors that make it hard for a new firm to come into a market?Market structure and competition
• What do we call a state in which one firm holds the whole market on its own?Market structure and competition
• What do we call a form in which a small number of firms split the market between them?Market structure and competition
• What do consumers gain when competition in a market is lively?Market structure and competition
• What problem can consumers face in a monopoly market?Market structure and competition
• What is the most basic test used to sort markets into forms?Market structure and competition
• Which is a correct feature of a perfectly competitive market?Market structure and competition
• What is a firm in a perfectly competitive market called?Market structure and competition
• Which is a correct feature of a monopoly market?Market structure and competition
• In a monopolistically competitive market many firms compete while selling slightly different products.Market structure and competition
• Oligopoly is a market form in which a great many firms compete freely.Market structure and competition
• A perfectly competitive market means a market in which only a few large firms take part.Market structure and competition
• The more sellers there are in a market, the wider the range of choices consumers can make.Market structure and competition
• Monopoly means a state in which one firm holds the whole market on its own.Market structure and competition
• Oligopoly means a state in which a small number of firms split the market between them.Market structure and competition
• The higher the barriers to entry, the harder it is for a new firm to come into the market.Market structure and competition
• The fiercer the competition in a market, the easier it is for a firm to set the price as it pleases.Market structure and competition
• In a perfectly competitive market an individual firm cannot set the price as it pleases and takes the market price as given.Market structure and competition
• What do we call a case that harms others, such as a factory releasing pollutants?Market failure and asymmetry